Franchise extension prevents revolution by redistributing wealth, shaping future political equilibrium.
During the 19th century, Western countries extended voting rights to more people, leading to new social programs. This was done to prevent social unrest and revolution. By giving more people the right to vote, elites made a commitment to future redistribution of wealth. This change in political power helped reduce inequality over time. The researchers suggest that this shift in political power can lead to better economic outcomes, compared to societies with high inequality and low output or low inequality and high output.